A 40-year-old apartment complex in Tampa trades for $96.5M

A 40-year-old waterfront apartment complex in Tampa sold for $96.5 million, or 57 percent more than the seller paid four years ago.

Gamma Real Estate paid about $140,000 per unit for the 689-unit, 49-building property, called The Cove Apartments.

Located directly on Tampa Bay, the apartment complex at 4003 South Westshore Boulevard had a 95.1 percent occupancy rate when the sale closed.

Laramar Group, the seller, had acquired The Cove in 2014 for $53 million, according to data from Yardi Matrix.

The 1978-vintage property has studio, one- and two-bedroom apartments. Amenities include three swimming pools, a gym and spa, game room tennis court, laundry facilities and parking for boats.

More than 60 tours of the property by potential buyers preceded the $96.5 million transaction, according to Jason Stanton, managing director of the Tampa office of brokerage firm Berkadia.

Stanton was part of a four-person team at Berkadia that represented Laramar Group in the transaction.

Stanton worked with senior managing director Cole Whitaker and director Mary Beale in the Tampa office of Berkadia and director Greg Rainey in the Jacksonville office. [Multi Housing News] – Mike Seemuth